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Intro: Cybercriminal activities have been increasing in North Korea since 2014. Malicious codes, selling of illegal gambling software and crimes in the cryptocurrency sector are increasing nowadays. There were three South Koreans who colluded with Presumably North Korean hackers who made money with the hacking program.
Cybercrime is not new to all of us. It is a mode of crime via which cybercriminals can dupe anybody with just a click of a mouse. One of the countries where these illegal activities are at their peak in North Korea and for money, it has become more and more in South Korea since the 2010s.
South Korean criminals put to radar
In the early stage, the malicious codes in illegal gambling software were very common. Three South Koreans were punished by the prosecution In 2014. The criminals were punished because they colluded with Presumably North Korean hackers who made cash with the hacking program. According to the Korea Institute of Liberal Democracy, North Korea took over a hundred million won received through promoting unlawful playing software programs and so forth in South Korea.
In the same year and afterwards in South Korea, some well known websites and financial institutions became the targets of such crimes. For instance, in May 2016, Interpark was hacked. According to the investigation by the police, the IP addresses and malicious code used for the hacking were the same that were used in North Korean Cyberterrorism. Three Billion won of Bitcoin were given to the hackers.
Cryptocurrency sector- a prime tool for cybercrimes
Such threats are on the rise in the cryptocurrency industry nowadays. In 2017 and after, the number of cybercrimes soar to at least. The cybercriminals from North Korea have hacked ATMs and taken the cash. They have also launched ransomware attacks against companies in the private sector.
Cryptocurrency has emerged as the key tool for cyber extortions. The hefty amount is being paid by the corporations to regain control of their computers. It would have been nearly impossible for the corporations to run their crypto business if they are hacked as hackers use malicious and illegal software to hack the system and hence it becomes impossible for the businesses to move to another legitimate currency market.
One of the main reasons that the crypto sector is prone to such hacks is the anonymity of the people involved in crypto trading, which forms the foundation of cyber currencies. This can be leveraged through a variety of manoeuvres. A ransom paid in bitcoin can swiftly run through a cryptocurrency mixer, which deletes the trail of ownership by pooling it with other people’s holdings.
These cybercriminals also convert the ransomware to some other currency via a crypto exchange. Hence, it has become easy for notorious people to hack companies, exchanges dealing in cryptocurrencies.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
